Financial stocks continued to add to their prior gains in afternoon trading, with the NYSE Financial Index climbing over 1.2% while the shares of financial companies in the S&P 500 were climbing 1.7%. The Philadelphia Housing Index also was rising nearly 0.8%.
Among financial stocks moving on news:
(+) Bank of America (BAC) jumped 2.6% on Tuesday following reports Berkshire Hathaway (BRK-A,BRK-B) may try to increase its equity stake in the bank above 10%. According to an application recently filed with the Federal Reserve by the financial and industrial conglomerate and obtained by Bloomberg, Berkshire said, it "may decide to purchase additional shares of common stock of Bank of America based on its evaluation of the investment opportunity presented by such purchases." Berkshire hit the 10% threshold in the bank's stock earlier this year, according to a July regulatory filing.
In other sector news:
(+) JPMorgan Chase (JPM) rose more than 3% after the bank reported better-than-expected Q3 financial results, earning $2.68 per share during the three months ended Sept. 30, improving on a $2.34 per share profit during the same quarter last year and beating the $2.49 per share Capital IQ consensus. Net revenue grew 7.3% year-over-year to $29.3 billion, also topping the $28.5 billion Street view.
(-) Qiwi (QIWI) was nearly 5% lower after the Russian payments processor said Vladislav Poshmorga will step down Oct. 8 as chief financial officer, citing personal reasons, and will be succeeded on an interim basis by deputy CFO Varvara Kiseleva. The company said it will be starting the search for a permanent CFO swiftly.
(-) PagSeguro Digital Ltd (PAGS) dropped more than 13% after the financial technology firm Tuesday disclosed plans for a secondary offering of 16.75 million of its common shares now held by Brazilian web content company Universo Online, which is also PagSeguro's parent company. PagSeguro will not receive any proceeds from the upcoming stock sale.
Price: 29.90, Change: +0.76, Percent Change: +2.61
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